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I'm Not Ready for Retirement!

I'm Not Ready for Retirement!

| May 17, 2019

Are you in or nearing retirement? Are you feeling underprepared or overwhelmed? Guess what?! You're not alone. Everyone wants to be the couple above in retirement, relaxing with cucumber masks and green juice in hand, but many people don't feel that way... at least not at first!

In the last two decades, the number of people eligible for retirement has nearly doubled, with roughly 10,000 people turning age 65 every day. According to the Census Bureau, this number is predicted to rise to 12,000 in the next decade.1 

From day one for a lot of working individuals comes the thought of saving for retirement - contributing to your 401K and hopefully having your employer match in some way what you're contributing - however, you're in your 20s! Retirement seems like a mirage in the not so distant future. Suddenly your 20s fly by and you're in your 30s with a family and retirement planning falls to the bottom of your to-do list because you have kids who have become your top priority and saving for them is all you are thinking about. You're probably still contributing to your 401K plan, but retirement isn't crossing your mind at all. Your 40s and 50s arrive and your kids are causing more expenses - camps, extracurricular activities, college - you find yourself working harder than ever to provide for you and your family! Then in a flash, you find yourself an empty-nester and the thought of retirement becomes a lot more apparent. Like most people do nowadays, you Google your questions and worries about it! That's why there are hundreds of questions searched every day - these are just the top 198!

198 questions are probably overwhelming, so we've chosen a few of these to go through in detail with you. See one that we didn't cover? Feel free to discuss it at a meeting with us! Or feel free to sign up for a free retirement workshop!

  1. How Retirement Works - Retirement is different for everyone. Technically speaking, at age 62, you can start receiving full retirement benefits. You have the option to retire before age 62 and receive reduced benefits. You also have the option to continue working after age 62 and either receive your full retirement benefits in addition to the income you are earning or you can choose to delay receiving retirement benefits and earn credits that increase your benefit amount. Technicalities aside, retirement is a joy that some people are elated to endure and for others, it's nothing but a headache! This leads us to our next questions.

  2. Can Retirement Cause Anxiety? Can Retirement Cause Depression? - Retirement isn't just something to think about financially. Retirement is also a huge emotional dilemma. Say you're the CEO of your own company - you've spent your whole life to get to where you are; you've worked many long hours and have been accused of being a workaholic. You're financially able to retire and your husband or wife wants you to and travel the world with them but you can't even fathom leaving the company you've worked so hard to build. Think this might cause anxiety or depression? You're probably right! Retirement can cause tension personally and between spouses and families.

  3. Will My Retirement Savings Last? - Did you not dedicate as much towards retirement as you thought you would in your 20s, 30s, and 40s? This is common. It doesn't mean you won't be okay. It doesn't necessarily mean you will run out of money or have to work forever either. This is where financial advisors become extremely valuable and necessary. CEO and Founder of Premier Planning Group, Brion Harris, didn't become highly praised in the Annapolis community and financial industry by making people run out of money - he became highly praised for helping people not outlive their savings. Brion is an Income Distribution Specialist and comes up with plans for his clients so they do not outlive their nest eggs, can maintain their current lifestyle, and can leave a legacy for the ones they care most about.

1 US Census Bureau. (2018, December 03). Older People Projected to Outnumber Children. Retrieved May 17, 2019, from